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Thursday, 16 May 2013

Tethys takes step towards Uzbek exploration

Tethys Petroleum (TSE:TPL) announced it had signed a Protocol of Intent with the Uzbek State oil and gas company, Uzbekneftegaz (UNG) for exploration work in the North Ustyurt Basin of Northern Uzbekistan.

The agreement would focus on the Bayterek investment block. Tethys' next step is to arrange for an exploration agreement.

Separately, Tethys' revenue rose 94 per cent in the first quarter to $12.6 million.

The company, which reports in U.S. figures, says it lost $4.3 million.

Production increased 24 per cent to 6,366 barrels per day from 5,117 barrels per day.